Web3 Foundation Funds Technical Bridge Connecting Polkadot to Bitcoin

Published on by Coindesk | Published on

The Web3 Foundation, the non-profit entity behind Polkadot, has financed a new bridge to link the multi-blockchain network to bitcoin.

London-based developer house Interlay will receive funding from Web3 to build a "BTC-Parachain" to bring bitcoin-backed assets onto Polkadot.

A regulated entity in Switzerland, the Web3 Foundation has been issuing grants, anywhere between $3,000 and $100,000, to projects looking to build on the Polkadot platform since the start of 2019.

Web3 has so far financed nearly 100 project in five separate funding waves, according to its GitHub page.

Other projects supported by Web3 include a Metamask plugin, an interoperability bridge with EOS and a parachain linking Polkadot to the prospective Libra ecosystem.

In October, Web3 created a Polkadot ecosystem fund together with Polychain Capital.

It's unclear how much funding Interlay received from Web3.

A Web3 spokesperson said the company did not disclose grant amounts per team.

UPDATE: A previous version of this article said the Web3 Foundation had funded 60 teams.

Comment from a Web3 spokesperson has also been added.